Juventus and PSG are in talks over a swap deal for full-backs Mattia De Sciglio and Layvin Kurzawa.
Goal can confirm that the two sides are in advanced negotiations over an exchange of the players, with a deal potentially set to be announced in the coming days.
The player exchange would be a blow to Arsenal, who have recently been in talks with PSG over a move for France international left-back Kurzawa.
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Arsenal left-backs Kieran Tierney and Sead Kolasinac are both struggling with injury problems, but the Gunners appear set to miss out on one of their primary January targets.